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Banks hire private equity executives to manage troubled units

Banks are recruiting private equity executives to bolster teams that manage stricken operations, as they make themselves ready to acquire more companies in financial difficulty.

The move comes in spite of the push by many lenders to lay off tens of thousands of people in other areas of their business, particularly investment banking.

Philip Davidson, head of restructuring at KPMG, said it was ironic that banks were taking people from private equity to manage the companies that in many cases have encountered trouble after taking on too much debt as part of leveraged buyouts.